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Untitled-3 1 14/01/2019 12:14
 vii

Change in Quantity Demanded versus Change in The Production Approach: Measuring a

Demand 73 Nation’s Macroeconomic Activity Using
Gross Domestic Product 95
Increases in Demand Shift the Demand Curve 74
The Components of GDP 97
Decreases in Demand Shift the Demand Curve 76
Putting It All Together: The GDP Equation 100
A Decrease in Demand Decreases the Equilibrium
Price 77 APPLICATION 2 Intellectual Property in GDP
Accounts 101
APPLICATION 4 Craft Beer and the Price of Hops 77
The Income Approach: Measuring a Nation’s
Market Effects of Changes in Supply 78
Macroeconomic Activity Using National
Change in Quantity Supplied versus Change in Income 101
Supply 78
Measuring National Income 101
Increases in Supply Shift the Supply Curve 78
Measuring National Income through Value
An Increase in Supply Decreases the Equilibrium Added 102
Price 80
An Expanded Circular Flow 103
Decreases in Supply Shift the Supply Curve 80
APPLICATION 3 The Links Between Self-Reported
A Decrease in Supply Increases the Equilibrium Happiness and GDP 104
Price 82
A Closer Examination of Nominal and Real
Simultaneous Changes in Demand and Supply 82
GDP 104
APPLICATION 5 The Harmattan and the Price of Measuring Real versus Nominal GDP 105
Chocolate 84
How to Use the GDP Def lator 106
Predicting and Explaining Market Changes 84
Fluctuations in GDP 107
APPLICATION 6 Why Lower Drug Prices? 85
GDP as a Measure of Welfare 109
* SUMMARY 85 * KEY TERMS 86
* EXERCISES 86 * CRITICAL THINKING 90 Shortcomings of GDP as a Measure of Welfare 109

* ECONOMIC EXPERIMENT 90 * SUMMARY 110 * KEY TERMS 111

* EXERCISES 111 * CRITICAL THINKING 114

PART 2
The Basic Concepts in Macroeconomics 6 Unemployment and Inflation 115
Examining Unemployment 116
5 Measuring a Nation’s Production and How Is Unemployment Defined and Measured? 116
Income 92
Alternative Measures of Unemployment and Why
They Are Important 118
The Flip Sides of Macroeconomic Activity:
Production and Income 93 Who Are the Unemployed? 119

The Circular Flow of Production and Income 94 APPLICATION 1 Declining Labor Force
Participation 120
APPLICATION 1 Using Value Added to Measure
the True Size of Walmart 95 Categories of Unemployment 121
viii

Types of Unemployment: Cyclical, Frictional, and APPLICATION 1 The Black Death and Living
Structural 121 Standards in Old England 142

The Natural Rate of Unemployment 122 Labor Market Equilibrium and Full
Employment 143
APPLICATION 2 Disability Insurance and Labor
Force Participation 123 Using the Full-Employment Model 144
The Costs of Unemployment 123 Taxes and Potential Output 144

APPLICATION 3 Social Norms, Unemployment, and Real Business Cycle Theory 145
Perceived Happiness 124
APPLICATION 2 Do European Soccer Stars Change
Clubs to Reduce Their Taxes? 147
The Consumer Price Index and the Cost of
Living 125
APPLICATION 3 Government Policies and Savings
The CPI versus the Chain Index for GDP 126 Rates 148

APPLICATION 4 The Introduction of Cell Phones Dividing Output among Competing

and the BIAS in the CPI 127 Demands for GDP at Full
Employment 148
Problems in Measuring Changes in Prices 127
International Comparisons 149
Inflation 127
Crowding Out in a Closed Economy 149
Historical U.S. Inf lation Rates 128
Crowding Out in an Open Economy 151
The Perils of Def lation 129
Crowding In 151
The Costs of Inflation 130 * SUMMARY 152 * KEY TERMS 152
* EXERCISES 152 * CRITICAL THINKING 155
Anticipated Inf lation 130

Unanticipated Inf lation 130

8 Why Do Economies Grow? 156
* SUMMARY 131 * KEY TERMS 132
* EXERCISES 132 * CRITICAL THINKING 135 Economic Growth Rates 157
Measuring Economic Growth 158
PART 3
The Economy in the Long Run Comparing the Growth Rates of Various
Countries 159

Are Poor Countries Catching Up? 160

7 The Economy at Full Employment 136
APPLICATION 1 Global Warming, Rich Countries,
Wage and Price Flexibility and Full and Poor Countries 161
Employment 137
APPLICATION 2 Behavioral Incentives in
The Production Function 137 Development 162

Wages and the Demand and Supply for Capital Deepening 162
Labor 140
Saving and Investment 163
Labor Market Equilibrium 141
How Do Population Growth, Government, and
Changes in Demand and Supply 141 Trade Affect Capital Deepening? 164
 ix

The Key Role of Technological Progress 166 Flexible and Sticky Prices 185

How Do We Measure Technological How Demand Determines Output in the Short

Progress? 166 Run 186

Using Growth Accounting 167 APPLICATION 1 Measuring Price Stickiness in

Consumer Markets 187
APPLICATION 3 Sources of Growth in China
and India 168 Understanding Aggregate Demand 187
APPLICATION 4 How Important is Infrastructure? 169 What Is the Aggregate Demand Curve? 187

What Causes Technological Progress? 169 The Components of Aggregate Demand 188

Research and Development Funding 169 Why the Aggregate Demand Curve Slopes
Downward 188
Monopolies That Spur Innovation 170
Shifts in the Aggregate Demand Curve 189
The Scale of the Market 170
How the Multiplier Makes the Shift Bigger 190
Induced Innovations 171
APPLICATION 2 Two Approaches to Determining
Education, Human Capital, and the Accumulation the Causes of Recessions 194
of Knowledge 171

New Growth Theory 172 Understanding Aggregate Supply 194

The Long-Run Aggregate Supply Curve 194
APPLICATION 5 The Role of Megacities in
Economic Growth 173 The Short-Run Aggregate Supply Curve 196

APPLICATION 6 Culture, Evolution, and Economic

Supply Shocks 197
Growth 173
APPLICATION 3 Oil Price Increases and the
Changing U.S. Economy 198
A Key Governmental Role: Providing
the Correct Incentives and Property
From the Short Run to the Long Run 199
Rights 174
* SUMMARY 201 * KEY TERMS 201
APPLICATION 7 Lack of Property Rights Hinders * EXERCISES 201 * CRITICAL THINKING 203
Growth in Peru 174

* SUMMARY 175 * KEY TERMS 175

* EXERCISES 176 * CRITICAL THINKING 178 10 Fiscal Policy 204
APPENDIX: A Model of Capital Deepening 179
The Role of Fiscal Policy 205
PART 4 Fiscal Policy and Aggregate Demand 205
Economic Fluctuations and Fiscal Policy The Fiscal Multiplier 206

The Limits to Stabilization Policy 207

9 Aggregate Demand and Aggregate
APPLICATION 1 Increasing Life Expectancy and
Supply 184 Aging Populations Spur Costs of Entitlement
Programs 209
Sticky Prices and Their Macroeconomic
Consequences 185 The Federal Budget 210
x

Federal Spending 210 APPLICATION 2 Multipliers in Good Times and

Bad 233
Federal Revenues 211

The Federal Deficit and Fiscal Policy 213 Government Spending and Taxation 233

Automatic Stabilizers 213 Fiscal Multipliers 233

Are Deficits Bad? 214 Using Fiscal Multipliers 235

APPLICATION 2 Dynamic Scoring 215 Understanding Automatic Stabilizers 237

Fiscal Policy in U.S. History 215 APPLICATION 3 The Broken Window Fallacy and
Keynesian Economics 238
The Depression Era 215
Exports and Imports 240
The Kennedy Administration 216

The Vietnam War Era 216 APPLICATION 4 The Locomotive Effect:

How Foreign Demand Affects a Country’s
The Reagan Administration 217 Output 242

The Clinton and George W. Bush The Income-Expenditure Model and the
Administrations 217 Aggregate Demand Curve 243
The Obama and Trump Administrations 217 * SUMMARY 245 * KEY TERMS 245
* EXERCISES 245 * CRITICAL THINKING 248
APPLICATION 3 How Effective was the 2009
Stimulus? 218 * ECONOMIC EXPERIMENT 249

* SUMMARY 219 * KEY TERMS 220

APPENDIX: Formulas for Equilibrium Income and
* EXERCISES 220 * CRITICAL THINKING 221
the Multiplier 249

11 The Income-Expenditure Model 222

12 Investment and Financial
A Simple Income-Expenditure Model 223
Markets 253

Equilibrium Output 223 An Investment: A Plunge into the

Unknown 254
Adjusting to Equilibrium Output 224
APPLICATION 1 Energy Price Uncertainty Reduces
The Consumption Function 226
Investment Spending 255
Consumer Spending and Income 226
Evaluating the Future 256
Changes in the Consumption Function 227
Understanding Present Value 256
APPLICATION 1 The Wealthy Hand-To-Mouth and
Real and Nominal Interest Rates 258
Consumption Spending 228

APPLICATION 2 Explaining Low Investment

Equilibrium Output and the Consumption
Rates 259
Function 229
Saving and Investment 230 Understanding Investment Decisions 260

Understanding the Multiplier 231 Investment and the Stock Market 261
 xi

APPLICATION 3 Underwater Homeowners and APPLICATION 4 Coping with the Financial Chaos
Debt Forgiveness 263 Caused by the Mortgage Crisis 285

* SUMMARY 286 * KEY TERMS 286

How Financial Intermediaries Facilitate
* EXERCISES 286 * CRITICAL THINKING 288
Investment 263
* ECONOMIC EXPERIMENT 288
When Financial Intermediaries Malfunction 266

APPLICATION 4 New Regulations for Financial APPENDIX: Formula for Deposit Creation 290
Stability 267

* SUMMARY 268 * KEY TERMS 268 14 The Federal Reserve and Monetary
* EXERCISES 269 * CRITICAL THINKING 270 Policy 291
* ECONOMIC EXPERIMENT 271
The Money Market 292
The Demand for Money 292
PART 5
Money, Banking, and Monetary Policy APPLICATION 1 What to Do with the Fed’s Balance
Sheet? 294

13 Money and the Banking System 272 How the Federal Reserve Can Change the
Money Supply 295
What Is Money? 273
Open Market Operations 295
Three Properties of Money 273
Other Tools of the Fed 296
Measuring Money in the U.S. Economy 275
APPLICATION 2 Commodity Prices and Interest
APPLICATION 1 Cash as a Sign of Trust 276 Rates 297

How Banks Create Money 277 How Interest Rates Are Determined:
A Bank’s Balance Sheet: Where the Money Comes Combining the Demand and Supply
from and Where It Goes 277 of Money 298
How Banks Create Money 278 Interest Rates and Bond Prices 299

How the Money Multiplier Works 279 Interest Rates and How They Change
How the Money Multiplier Works in Reverse 280 Investment and Output (GDP) 301

A Banker’s Bank: The Federal Reserve 281 APPLICATION 3 The Effectiveness of

Committees 301
APPLICATION 2 Bitcoin and Cryptocurrencies 281
Monetary Policy and International Trade 303
Functions of the Federal Reserve 282

The Structure of the Federal Reserve 282 Monetary Policy Challenges for the Fed 305

The Independence of the Federal Reserve 283 Lags in Monetary Policy 305

Inf luencing Market Expectations: From the

What the Federal Reserve Does During a
Federal Funds Rate to Interest Rates on
Financial Crisis 284
Long-Term Bonds 306
APPLICATION 3 Stress Tests for the Financial * SUMMARY 307 * KEY TERMS 307
System 284 * EXERCISES 308 * CRITICAL THINKING 310
xii

PART 6 16 The Dynamics of Inflation and

Inflation, Unemployment, Unemployment 329
and Economic Policy
Money Growth, Inflation, and Interest
Rates 330
15 Modern Macroeconomics: From the
Short Run to the Long Run 311 Inf lation in a Steady State 330

How Changes in the Growth Rate of Money

Linking the Short Run and the Long Affect the Steady State 331
Run 312
The Difference between the Short and Long Understanding the Expectations Phillips
Run 312 Curve: The Relationship between
Unemployment and Inflation 332
Wages and Prices and Their Adjustment over
Time 312 APPLICATION 1 Shifts in the Natural Rate of
Unemployment 332
APPLICATION 1 Secular Stagnation? 313
Are the Public’s Expectations about Inf lation
How Wage and Price Changes Move Rational? 333
the Economy Naturally Back to Full
U.S. Inf lation and Unemployment in the
Employment 314
1980s 334
Returning to Full Employment from a
Shifts in the Natural Rate of Unemployment in
Recession 314
the 1990s 335
Returning to Full Employment from a Boom 315
How the Credibility of a Nation’s Central
Economic Policy and the Speed of Bank Affects Inflation 336
Adjustment 316
APPLICATION 2 Estimating the Natural Real
Liquidity Traps or Zero Lower Bound 317
Interest Rate Around the World 337
Political Business Cycles 318
APPLICATION 3 The Ends of Hyperinflations 339
APPLICATION 2 Elections, Political Parties, and
Voter Expectations 318 Inflation and the Velocity of Money 340

The Economics Behind the Adjustment Hyperinflation 342

Process 319
How Budget Deficits Lead to Hyperinf lation 343
The Long-Run Neutrality of Money 321 * SUMMARY 344 * KEY TERMS 344
Crowding Out in the Long Run 322 * EXERCISES 345 * CRITICAL THINKING 346

* ECONOMIC EXPERIMENT 347

APPLICATION 3 Increasing Health-Care
Expenditures and Crowding Out 324

Classical Economics in Historical 17 Macroeconomic Policy Debates 348

Perspective 324
Say’s Law 325 Should We Balance the Federal
Budget? 349
Keynesian and Classical Debates 325
The Budget in Recent Decades 349
* SUMMARY 326 * KEY TERMS 326
* EXERCISES 326 * CRITICAL THINKING 328 Five Debates about Deficits 351
 xiii

Should the Fed Target Both Inflation and To Help Domestic Firms Establish Monopolies in
Employment? 355 World Markets 374

APPLICATION 1 Creating the U.S. Federal Fiscal APPLICATION 2 Chinese Imports and Local
System through Debt Policy 355 Economies 375

Two Debates about Targeting 356

A Brief History of International Tariff and
Trade Agreements 375
APPLICATION 2 Do We Need to Change our
Inflation Targets? 358
Recent Policy Debates and Trade
Agreements 376
Should We Tax Consumption Rather than
Income? 359 Are Foreign Producers Dumping Their
Products? 377
Two Debates about Consumption Taxation 360

APPLICATION 3 Should We Care If Another

APPLICATION 3 Is a VAT in Our Future? 362
Country Adopts Our Latest Technology? 377
* SUMMARY 362 * KEY TERMS 362
* EXERCISES 363 * CRITICAL THINKING 364 Do Trade Laws Inhibit Environmental
Protection? 378

PART 7 APPLICATION 4 How American are American

The International Economy Cars? 379

Do Outsourcing and Trade Cause Income

Inequality? 380
18 International Trade and Public
Policy 365 Why Do People Protest Free Trade? 381
* SUMMARY 381 * KEY TERMS 382
Benefits from Specialization and Trade 366 * EXERCISES 382 * CRITICAL THINKING 385

Production Possibilities Curve 366

Comparative Advantage and the Terms of 19 The World of International

Trade 368 Finance 386
The Consumption Possibilities Curve 368
How Exchange Rates Are Determined 387
How Free Trade Affects Employment 369
What are Exchange Rates? 387
Protectionist Policies 370
How Demand and Supply Determine Exchange
Import Bans 370 Rates 388

Quotas and Voluntary Export Restraints 370 Changes in Demand or Supply 389
Responses to Protectionist Policies 372
Real Exchange Rates and Purchasing Power
Parity 391
APPLICATION 1 The Impact of Tariffs on the Poor 373

APPLICATION 1 Big Macs in Norway 393

What Are the Rationales for Protectionist
Policies? 373
The Current Account, the Financial Account,
To Shield Workers from Foreign Competition 374 and the Capital Account 394
To Nurture Infant Industries until They Rules for Calculating the Current, Financial, and
Mature 374 Capital Accounts 394
xiv

APPLICATION 2 Tax Havens and Global APPLICATION 2 Vanity Plates and the Elasticity of
Imbalances 397 Demand 419

Fixed and Flexible Exchange Rates 397 Price Elasticity along a Linear Demand Curve 419

Fixing the Exchange Rate 398 APPLICATION 3 Drones and the Lower Half of a
Linear Demand Curve 421
Fixed versus Flexible Exchange Rates 399
Elasticity and Total Revenue for a Linear Demand
The U.S. Experience with Fixed and Flexible Curve 421
Exchange Rates 400

Exchange Rate Systems Today 401 Other Elasticities of Demand 422

Income Elasticity of Demand 422
Managing Financial Crises 401
Cross-Price Elasticity of Demand 422
APPLICATION 3 Problems within the Euro Bloc 402
The Price Elasticity of Supply 423
APPLICATION 4 The Argentine Financial Crisis 404
APPLICATION 4 I Can Find that Elasticity in Four
* SUMMARY 404 * KEY TERMS 405
Clicks! 423
* EXERCISES 405 * CRITICAL THINKING 407
What Determines the Price Elasticity of
* ECONOMIC EXPERIMENT 408
Supply? 424

The Role of Time: Short-Run versus Long-Run

PART 8 Supply Elasticity 425
A Closer Look at Demand and Supply
Extreme Cases: Perfectly Inelastic Supply and
Perfectly Elastic Supply 425
20 Elasticity: A Measure of Predicting Changes in Quantity Supplied 426
Responsiveness 409
APPLICATION 5 The Short-Run and Long-Run
The Price Elasticity of Demand 410 Elasticity of Supply of Coffee 427

Computing Percentage Changes and Elasticities 410 Using Elasticities to Predict Changes in
Price Elasticity and the Demand Curve 411 Prices 427
The Price Effects of a Change in Demand 427
Elasticity and the Availability of Substitutes 413
The Price Effects of a Change in Supply 429
Other Determinants of the Price Elasticity of
Demand 414
APPLICATION 6 A Broken Pipeline and the Price
of Gasoline 430
Using Price Elasticity 415
* SUMMARY 431 * KEY TERMS 431
Predicting Changes in Quantity 415 * EXERCISES 432 * CRITICAL THINKING 436

APPLICATION 1 The Elasticity of Demand for

Public Transit 415
21 Market Efficiency and Government
Price Elasticity and Total Revenue 416 Intervention 437
Using Elasticity to Predict the Revenue Effects of
Price Changes 418 Consumer Surplus and Producer
Surplus 438
Elasticity and Total Revenue for a Linear
Demand Curve 418 The Demand Curve and Consumer Surplus 439
 xv

The Supply Curve and Producer Surplus 440 * SUMMARY 456 * KEY TERMS 456
* EXERCISES 456 * CRITICAL THINKING 460
Market Equilibrium and Efficiency 441
* ECONOMIC EXPERIMENT 460
Total Surplus Is Lower with a Price below the
Equilibrium Price 441

APPLICATION 1 Consumer Surplus of Internet

22 Consumer Choice: Utility Theory
Service 441 and Insights from Behavioral
Economics 462
Total Surplus Is Lower with a Price above the
Equilibrium Price 443
Traditional Consumer Choice: Utility
Efficiency and the Invisible Hand 443 Theory 463
Government Intervention in Efficient Markets 444 Consumer Constraints: The Budget Line 463

APPLICATION 2 Rent Control and Mismatches 444 Total and Marginal Utility 464

The Marginal Principle and the Equimarginal

Controlling Prices—Maximum and Minimum Rule 466
Prices 445
Conditions for Utility Maximization 467
Setting Maximum Prices 445

Rent Control 445 The Law of Demand and the Individual

Demand Curve 469
APPLICATION 3 Price Controls and the Shrinking
Candy Bar 447 APPLICATION 1 Measuring Diminishing Marginal
Utility 470
Setting Minimum Prices 447
Effect of a Decrease in Price 470
Controlling Quantities—Licensing and Income and Substitution Effects of a Decrease in
Import Restrictions 447 Price 471
Taxi Medallions 448
The Individual Demand Curve 473
Licensing and Market Efficiency 448
APPLICATION 2 A Revenue-Neutral Carbon
Winners and Losers from Licensing 449 Tax 474

Import Restrictions 449

Consumer Decisions: Insights from
Behavioral Economics 474
APPLICATION 4 The Cost of Protecting a Lumber
Job 451 A Brief Look at the Neuroscience of Consumer
Choice 474
Who Really Pays Taxes? 451
Dietary Choice: Donut versus Apple 476
Tax Shifting: Forward and Backward 451
Present Bias: Spending versus Saving 477
Tax Shifting and the Price Elasticity of
Demand 452 Present Bias and Credit Cards 479

Cigarette Taxes and Tobacco Land 453 Present Bias and Smoking 479

The Luxury Boat Tax and Boat Workers 453 APPLICATION 3 Coke Versus Pepsi in the
Prefrontal Cortex 480
Tax Burden and Deadweight Loss 453
* SUMMARY 480 * EXERCISES 481
APPLICATION 5 French Restaurants and VAT 455 * CRITICAL THINKING 484
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xvi

APPENDIX: Mental Shortcuts and Consumer Examples of Production Cost 503

Puzzles 484
Scale Economies in Wind Power 503
Mental Accounting and Bundling 485
Anchoring 485 The Average Cost of a Music Video 503
The Decoy Effect 486 Solar versus Nuclear: The Crossover 504
The Appeal of Percentage Changes 487
* SUMMARY 504 * KEY TERMS 505
* SUMMARY 487 * EXERCISES 506 * CRITICAL THINKING 508

PART 9
24 Perfect Competition 509
Market Structures and Pricing
Preview of the Four Market Structures 510
23 Production Technology and Cost 488 APPLICATION 1 Wireless Women in Pakistan 512

Economic Cost and Economic Profit 489 The Firm’s Short-Run Output Decision 512

APPLICATION 1 Opportunity Cost and The Total Approach: Computing Total Revenue
Entrepreneurship 490 and Total Cost 513

The Marginal Approach 514

A Firm with a Fixed Production Facility:
Short-Run Costs 490 Economic Profit and the Break-Even Price 516

Production and Marginal Product 491 APPLICATION 2 The Break-Even Price for
Switchgrass, a Feedstock for Biofuel 516
Short-Run Total Cost 492

Short-Run Average Costs 493 The Firm’s Shut-Down Decision 517

Short-Run Marginal Cost 495 Total Revenue, Variable Cost, and the Shut-Down
Decision 517
The Relationship between Marginal Cost and
Average Cost 496 The Shut-Down Price 518

Fixed Costs and Sunk Costs 519

Production and Cost in the Long Run 497
APPLICATION 3 Shutting Down a Coal Mine 519
APPLICATION 2 The Rising Marginal Cost of Crude
Oil 497
Short-Run Supply Curves 520
Expansion and Replication 498
The Firm’s Short-Run Supply Curve 520
Reducing Output with Indivisible Inputs 499
The Short-Run Market Supply Curve 520
Scaling Down and Labor Specialization 500
Market Equilibrium 521
Economies of Scale 500
APPLICATION 4 Short-Run Supply Curve for
Diseconomies of Scale 500 Cargo 522

Actual Long-Run Average-Cost Curves 501 The Long-Run Supply Curve for an
Short-Run versus Long-Run Average Cost 502 Increasing-Cost Industry 522
Production Cost and Industry Size 523
APPLICATION 3 Indivisible Inputs and the Cost of
Fake Killer Whales 502 Drawing the Long-Run Market Supply Curve 524
 xvii

Examples of Increasing-Cost Industries: Sugar and Patents and Monopoly Power 545
Apartments 524
Incentives for Innovation 545
APPLICATION 5 Chinese Coffee Growers Obey the Trade-Offs from Patents 546
Law of Supply 525
APPLICATION 3 Bribing the Makers of Generic
Short-Run and Long-Run Effects of Changes Drugs 546
in Demand 525
Price Discrimination 547
The Short-Run Response to an Increase in
Demand 525 Senior Discounts in Restaurants 548
The Long-Run Response to an Increase in Price Discrimination and the Elasticity of
Demand 526 Demand 549

APPLICATION 6 The Upward Jump and Downward Examples: Movie Admission versus Popcorn, and
Slide of Blueberry Prices 527 Hardback versus Paperback Books 549

Long-Run Supply for a Constant-Cost APPLICATION 4 Refillable Soda Bottles and Price
Industry 528 Discrimination 550

* SUMMARY 550 * KEY TERMS 551

Long-Run Supply Curve for a Constant-Cost
* EXERCISES 551 * CRITICAL THINKING 554
Industry 528
* ECONOMIC EXPERIMENT 554
Hurricane Andrew and the Price of Ice 528

APPLICATION 7 Economic Detective and the Case

of Margarine Prices 529
26 Market Entry and Monopolistic
Competition 555
* SUMMARY 530 * KEY TERMS 530
* EXERCISES 531 * CRITICAL THINKING 534
The Effects of Market Entry 556
Entry Squeezes Profits from Three Sides 557
25 Monopoly and Price Discrimination 535 Examples of Entry: Car Stereos, Trucking, and
Tires 558
The Monopolist’s Output Decision 536
APPLICATION 1 Satellite Versus Cable 558
Total Revenue and Marginal Revenue 537

A Formula for Marginal Revenue 538 Monopolistic Competition 559

Using the Marginal Principle 539 When Entry Stops: Long-Run Equilibrium 559

APPLICATION 1 Marginal Revenue from a Baseball

Differentiation by Location 560
Fan 541
APPLICATION 2 Opening a Restaurant 561
The Social Cost of Monopoly 542
Trade-Offs with Entry and Monopolistic
Deadweight Loss from Monopoly 542 Competition 562

Rent Seeking: Using Resources to Get Monopoly Average Cost and Variety 562
Power 544
Monopolistic Competition versus Perfect
Monopoly and Public Policy 544 Competition 562

APPLICATION 2 Rent Seeking for Tribal Casinos 545 APPLICATION 3 Happy Hour Pricing 563
xviii

Advertising for Product Differentiation 564 Entry Deterrence and Contestable

Markets 586
APPLICATION 4 Picture of Man Versus Picture of
Woman 564
When Is the Passive Approach Better? 587

* SUMMARY 566 * KEY TERMS 566 APPLICATION 4 Cable TV Service as an Insecure

* EXERCISES 566 * CRITICAL THINKING 568 Monopolist 587

* ECONOMIC EXPERIMENT 569

The Advertisers’ Dilemma 588

APPLICATION 5 Got Milk? 590

27 Oligopoly and Strategic Behavior 570 * SUMMARY 590 * KEY TERMS 591
* EXERCISES 591 * CRITICAL THINKING 595
Cartel Pricing and the Duopolists’
* ECONOMIC EXPERIMENT 596
Dilemma 572
Price Fixing and the Game Tree 573

Equilibrium of the Price-Fixing Game 575 28 Controlling Market Power: Antitrust

and Regulation 597
Nash Equilibrium 576

APPLICATION 1 Failure of the Salt Cartel 577 Natural Monopoly 598

Picking an Output Level 598
Overcoming the Duopolists’ Dilemma 577
Will a Second Firm Enter? 599
Low-Price Guarantees 577
Price Controls for a Natural Monopoly 600
Repeated Pricing Games with Retaliation for
Underpricing 578 APPLICATION 1 Public Versus Private
Price Fixing and the Law 580 Waterworks 601

Price Leadership 580 APPLICATION 2 Satellite Radio Versus the

Connected Car 602
APPLICATION 2 Low-Price Guarantee Increases
Tire Prices 581 Antitrust Policy 602

Simultaneous Decision Making and the Breaking Up Monopolies 602

Payoff Matrix 581 Blocking Mergers 603
Simultaneous Price-Fixing Game 581 Merger Remedy for Wonder Bread 604
The Prisoners’ Dilemma 582 Regulating Business Practices 605

APPLICATION 3 Cheating on the Final Exam: The A Brief History of U.S. Antitrust Policy 606
Cheaters’ Dilemma 583
APPLICATION 3 Merger of Pennzoil and Quaker
The Insecure Monopolist and Entry State 607
Deterrence 584
APPLICATION 4 Merger of Office Depot and
Entry Deterrence and Limit Pricing 584 Officemax 607
Examples: Aluminum and Campus * SUMMARY 608 * KEY TERMS 608
Bookstores 586 * EXERCISES 608 * CRITICAL THINKING 610
 xix

PART 10 APPLICATION 4 Car Insurance and Risky Driving 624

Externalities and Information Deposit Insurance for Savings and Loans 624
* SUMMARY 625 * KEY TERMS 625
* EXERCISES 625 * CRITICAL THINKING 629
29 Imperfect Information: Adverse
Selection and Moral Hazard 611 * ECONOMIC EXPERIMENT 629

Adverse Selection for Buyers: The Lemons

30 Public Goods and Public Choice 631
Problem 612
Uninformed Buyers and Knowledgeable External Benefits and Public Goods 633
Sellers 612 Public Goods and the Free-Rider Problem 634
Equilibrium with All Low-Quality Goods 613 Behavioral Economics and Free Riding 634
A Thin Market: Equilibrium with Some High- Overcoming the Free-Rider Problem 635
Quality Goods 614
APPLICATION 1 Clearing Space Debris 635
APPLICATION 1 Are Baseball Pitchers Like Used
Cars? 616 APPLICATION 2 Global Weather Observation 636

Evidence of the Lemons Problem 616 Private Goods with External Benefits 636
Responding to the Lemons Problem 617 External Benefits from Education 637

Buyers Invest in Information 617 External Benefits and the Marginal Principle 637

Consumer Satisfaction Scores from Angie‘s List APPLICATION 3 External Benefits from Lojack 638
and eBay 617
APPLICATION 4 The Private and External Benefit
Guarantees and Lemons Laws 618
of Trees 639
APPLICATION 2 Regulation of the California Other Private Goods That Generate External
Kiwifruit Market 618 Benefits 639

Adverse Selection for Sellers: Public Choice and the Median Voter 639
Insurance 619
Voting and the Median-Voter Rule 639
Health Insurance 619
Voting with Feet 641
Equilibrium with All High-Cost Consumers 620
The Median Voter and the Median Location 641
Responding to Adverse Selection in Insurance:
Group Insurance 621 Alternative Models of Government: Self-Interest
and Special Interests 642
The Uninsured 622
Which Theory Is Correct? 643
Other Types of Insurance 622
APPLICATION 5 The Median Voter and Fire
APPLICATION 3 Genetic Testing and Adverse
Protection 643
Selection 622
* SUMMARY 644 * KEY TERMS 644
Insurance and Moral Hazard 623 * EXERCISES 644 * CRITICAL THINKING 646

Insurance Companies and Moral Hazard 623 * ECONOMIC EXPERIMENT 647

xx

31 External Costs and Environmental APPLICATION 5 Young Drivers and

Collisions 665
Policy 648
* SUMMARY 666 * KEY TERMS 666
* EXERCISES 666 * CRITICAL THINKING 669
The Efficient Level of Pollution 649
Using the Marginal Principle 650 * ECONOMIC EXPERIMENT 669

Example: The Efficient Level of Water

Pollution 650 PART 11
The Labor Market and Income
Coase Bargaining 651
Distribution
Taxing Pollution 652

APPLICATION 1 Reducing Methane Emissions 653 32 The Labor Market and the Distribution
of Income 671
A Firm’s Response to a Pollution Tax 653

The Market Effects of a Pollution Tax 653 The Demand for Labor 672
Example: A CO2 Tax 656 Labor Demand by an Individual Firm in the Short
Run 672
APPLICATION 2 Washing Carbon Out of
the Air 656 Market Demand for Labor in the Short Run 674

Labor Demand in the Long Run 674

Traditional Regulation 657
Uniform Abatement with Permits 657 APPLICATION 1 Marginal Revenue Product in
Major League Baseball 676
Command and Control 657
Short-Run versus Long-Run Demand 676
Market Effects of Pollution Regulations 658

Lesson from Dear Abby: Options for Pollution

The Supply of Labor 676
Abatement 658 The Individual Labor-Supply Decision: How
Many Hours? 677
APPLICATION 3 Options for Reducing CO2
Emissions from International Shipping 659 An Example of Income and Substitution
Effects 677
Marketable Pollution Permits 659
The Market Supply Curve for Labor 678
Voluntary Exchange and Marketable Permits 659
APPLICATION 2 Bike Messengers and Revenue
Supply, Demand, and the Price of Marketable Sharing in Zurich 679
Permits 661
Labor Market Equilibrium 679
External Costs from Automobiles 662
Changes in Demand and Supply 679
External Costs from Pollution 662
The Market Effects of the Minimum Wage 680
APPLICATION 4 The Price of CO2 Permits in the
Variation in Wages across Occupations and the
European Union 662
College Premium 681
External Costs from Congestion 663
The Gender Pay Gap and Racial
External Costs from Collisions 664 Discrimination 683
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The Project Gutenberg eBook of
The Wrecking Master
This ebook is for the use of anyone anywhere in the United States
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Title: The Wrecking Master

Author: Ralph Delahaye Paine

Illustrator: George Varian

Release date: May 19, 2020 [eBook #62176]

Most recently updated: October 18, 2024

Language: English

Credits: Martin Pettit and the Online Distributed Proofreading Team

*** START OF THE PROJECT GUTENBERG EBOOK THE WRECKING

MASTER ***
THE WRECKING MASTER
"You're working for Jim Wetherly"
 THE
WRECKING MASTER

By

RALPH D. PAINE
Author of "A Cadet of the Black Star Line," "The Fugitive
Freshman," "The Head Coach," etc.

ILLUSTRATED BY
GEORGE VARIAN

NEW YORK
CHARLES SCRIBNER'S SONS
1911

Copyright, 1911, by
Charles Scribner's Sons
——
Published September, 1911
 CONTENTS
Chapter Page
I. A Skipper in Bad Company 3
II. The Resolute Fathoms the Plot 21
III. The Race for the Kenilworth 40
IV. Wicked Mr. Pringle in Collision 59
V. "All Hands Abandon Ship" 75
VI. Dan Frazier's Predicament 93
VII. A Fat Engineer to the Rescue 110
VIII. A Fog of Suspicions 128
IX. The Broken Hawser 149
X. Dan's Dreams Come True 168
 ILLUSTRATIONS
"You're working for Jim Wetherly" Frontispiece
Facing
page
And with Bill McKnight's assistance the derelict was
hauled 6
aboard like a large and dripping fish
The Sombrero sailed like a witch in the race 34
But for once that square-jawed uncle of his had dared
84
too much
Dan felt a new thrill of surprise and alarm 104
It was a pretty bit of old-fashioned boarding for the
prosaic 120
twentieth century
"If you are going to call me a liar at the start, you won't
132
get very far!"
She looked as if she had laid her bones on the Reef for
150
good and all

THE WRECKING MASTER

THE WRECKING MASTER

 CHAPTER I
A SKIPPER IN BAD COMPANY

"A thick night and no mistake, Dan. It's as black as the face of a
Nassau pilot. We ought to be nearing the coal wharf by now. Of
course they wouldn't have sense enough to leave a light on it to give
us our bearings."
Captain Jim Wetherly was growling through the window of the
darkened wheel-house to his deck-hand, young Dan Frazier, as the
oceangoing tug Resolute felt her way up the harbor of Pensacola.
She had towed a dismasted bark into port after a long and stubborn
tussle with wind and sea, and her master was in haste to fill the
empty bunkers and drive her home to Key West, five hundred miles
across the blue Gulf.
The mate and several of the crew had gone ashore for the evening,
the fat and grizzled chief engineer was loafing on the deck below,
and Captain Wetherly was somewhat consoled to have a
sympathetic listener in his youngest deck-hand. This Dan Frazier was
his nephew, not long out of the Key West High School, and trying his
hand at seafaring in the Resolute as the first chance which had
offered to ease his mother's task of caring for him.
In the presence of any of the vessel's company, discipline was
observed between the two with a respectful "aye, aye, sir," or "no,
sir," on Dan's part, but now when they were alone on deck Dan felt
free to reply:
"It's strange water to me, Uncle Jim. I shouldn't wonder if the old
Resolute felt timid about poking around a crowded harbor on a thick
night. What she likes best is plenty of sea-room with a wreck piled
hard and fast on the Florida Reef and a fighting chance to pull it off.
I wish I could have been on board when you were taking hold of
that big Italian steamer last spring. The men say they thought the
Resolute was going to yank the engines clean out of her before you
let go on the last haul that dragged the wreck clear of the Reef. Is it
true that Bill McKnight clamped the safety-valve down and said it
was up to Providence to see that his boilers didn't blow up?"
Captain Wetherly chuckled. The flare of a match as he relighted his
pipe illumined a pair of steadfast gray eyes and a smooth-shaven
chin of such dogged squareness of outline that Dan's statements
seemed to be half-way answered even before his uncle said:
"Pshaw, boy, Bill McKnight is a good chief engineer, but if his engines
didn't get any more rest than that tongue of his, they would have
been in the scrap-heap long ago. I suppose he has been filling you
up with yarns of the wonderful things he has done with this boat on
the Reef. Come to think of it, he was carrying some steam more
than the law allowed when we tackled that Italian wreck for the last
time, but we weren't there for our health. And wrecking isn't a
business for children, Dan. You'll find that out if you stick by me long
enough to get your mate's papers. Seems to me we must have run
past that confounded coal wharf by this time. I don't know whether
that light yonder is a lantern or a store up the street somewhere."
Dan went over to the side of the deck and peered into the
shoreward gloom while Captain Wetherly jerked a bell-pull. A mellow
clang floated from the engine-room, the Resolute slackened way to
half-speed, and began to swing in toward the puzzling light. Dan
Frazier thought he heard the click of rowlocks somewhere off in the
darkness and cocked an ear to listen. The sound ceased and then he
fancied he saw a shadowy patch moving on the water almost in
front of the Resolute's bow. An instant later Captain Wetherly
shouted in alarm:
"Boat ahoy. Do you want to be run under?"
Angry, confused voices were raised from the blackness close ahead
while the tug quivered to the thrust of the engines as they strove to
check her headway. Panic-stricken profanity was volleyed from the
water, there was a slight shock and crash as of splintered planking,
and the tug slid over what remained of the blundering small boat.
"Great Scott!" cried Captain Jim. "The poor fools must have done it
a-purpose. When they come up and yell, stand by to fish 'em out,
Dan. Tell Bill McKnight to man a boat and be ready to lower it. Of all
the——"
The horrified Dan had already scampered down to the main-deck
and, snatching up a coil of heaving line, he sprang upon the guard-
rail and waited for a call for help from the castaways. The chief
engineer was bawling commands to a fireman and the cook who
were fumbling with the falls of a boat swung aft. The galley boy
came rushing along with a lantern and Dan held it over the side just
in time to see a head bob to the foaming surface with a gurgling
lament:
"Aren't you going to haul me aboard your murderin' tow-boat?"
Dan tossed him a bight of the line into which he wriggled his
shoulders and with Bill McKnight's assistance the derelict was hauled
aboard like a large and dripping fish. They did not waste time in
looking him over, but asked in the same breath:
And with Bill McKnight's assistance the derelict was hauled
aboard like a large and dripping fish
"How many more of you?"
"Only one, and he can't be far off," panted the victim of the collision.
"You'll hear him holler pretty soon unless you knocked his brains out
when you struck us."
The boat was ready by this time, and Dan and the cook, letting it
down by the run, scrambled in and shoved clear of the tug. They
had paddled only a little way astern when the lantern threw its
wavering gleam athwart the missing man, who was groaning as if
hurt, while he tried with feeble splashing to keep himself afloat. With
great exertion he was dragged over the gunwale and taken to the
Resolute. He was unable to stand on deck and blood was oozing
from a ragged gash on his forehead. The engineer helped carry him
into his own state-room a few steps away on the lower deck, where
the wet clothing was stripped from him and the bunk made ready.
Meanwhile, Captain Wetherly, relieved to learn that no lives were
lost, rang up speed and headed the tug for what he hoped might be
the wharf he was seeking. Presently Dan Frazier reported at the
wheel-house door and explained:
"You won't be any more surprised than I was to find out that the
first man we picked up is Jerry Pringle. Yes, it's old Pringle himself
sure enough, Uncle Jim. I didn't get time for a sight of him until just
now. What in the world is he doing so far from Key West, and how
did he happen to be run down in a boat at night in Pensacola
harbor? It beats me."
"What has he got to say for himself?" snapped Captain Jim with a
note of hostility and suspicion in his voice. "Is he sober? And Jerry
Pringle let a tow-boat waltz right over him! Um-mm, he must have
been mighty busy thinking about something else. Who is the other
fellow? Ever see him before?"
"No, sir. He's an Englishman, I think, a big, strong man with a brown
beard. He is pretty well knocked out and his wits were muddled by a
thump on the head. He talks flighty. Jerry Pringle is with him and
says he will fetch him around without our help and get him ashore
as soon as we land."
"Well, there's the coal-pocket looming up ahead, and you'd better
get aft to make a line fast, Dan," observed the captain. "As soon as
we dock, I'll step down and see what I can do for our passengers.
They're welcome to stay aboard overnight. Jump lively."
While the Resolute was deftly laid alongside the head of the wharf,
Dan made a flying leap to the string-piece and dragged the hawsers
to the nearest pilings, bow and stern. Then he hurried back to the
chief engineer's room in quest of more information about the
strange and unwilling visit of Mr. Jeremiah Pringle of Key West.
Dan Frazier knew him as one of the most daring and successful
wreckers of the Florida Reef, that cruel, hidden rampart of coral
which stretches in the open sea for a hundred and fifty miles along
the Atlantic coast of southern Florida, on the edge of the great
highway of ocean traffic for Central and South America. Because the
Gulf Stream flows north along this crowded highway, the steamers
and sailing craft bound south skirt the Reef as close as they dare in
order to avoid the adverse current. Tall, spider-legged, steel light-
houses rise from the submerged Reef, but its ledges still take their
yearly toll of costly vessels, as they have done for centuries. When
such disasters happen, the wreckers flock seaward to try to save the
ship and cargo.
Jerry Pringle was one of the last of a famous race of native wrecking
masters of Key West. His father and grandfather were wreckers
before him, and they had been hard and godless men, rejoicing in
the tidings of disaster on the Reef as a chance to plunder and
destroy. Rumor had said some curious things about this Jeremiah
Pringle's methods as a wrecking master, but Dan Frazier gave them
careless heed, partly because he had heard so many wicked tales of
the by-gone wrecking days, but more because young Barton Pringle,
the only son of this man, was his dearest chum and school-mate.
With very lively curiosity Dan halted in the doorway of the little
state-room which Captain Jim Wetherly had entered just before him.
Jeremiah Pringle was sitting on the edge of the bunk as if to shield
his comrade of the small boat from observation, and was gruffly
cautioning him not to exert himself by trying to talk. Captain
Wetherly was eying them both with the keenest interest reflected in
his determined countenance. He was saying as Dan came within
earshot:
"Of course I am very sorry it happened, Pringle, but I don't see how
you can hold me responsible for the loss of your boat. My lights
were in order and the vessel was moving at half speed. I'm sure
your friend there, the master of the Kenilworth, lays it to your own
carelessness."
"Who said he was master of the Kenilworth?" spoke up Jerry Pringle.
"You seem to be taking a whole lot of things for granted. He's in no
shape to deny it, so call him what you please."
Mr. Pringle looked unhappy and not all at ease, nor had he any
thanks to spare for his rescue. Even Dan could perceive how
thoroughly disgusted he was over this unlucky meeting with Captain
Wetherly who replied:
"Oh, yes, it is Captain Bruce of the Kenilworth, that big English cargo
steamer in the stream loaded with naval stores for London. He was
pointed out to me in the broker's office this afternoon. Were you
coming ashore from his ship when you ran under my bows?"
Hearing his name spoken, the man with the bandaged head tried to
raise himself in the bunk and muttered, as if his senses were still
confused:
"Malcolm Bruce, if you please, bound home to London, then out to
Vera Cruz with a general cargo. Lost at sea, all stove up, and a
black, wet night. But I get well paid for losing the rotten old ship.
How much is it worth, Pringle? Ha, ha!"
Jerry Pringle's tanned cheek turned a shade or two paler and he
forced a hot drink between the other man's lips as if to shut off his
speech. The master of the Kenilworth subsided and put his hands to
his head while Pringle explained to Captain Wetherly with nervous
haste:
"He's jabbering about the loss of his boat that you made hash of. It
was nothing but a skiff. It was my fault, I guess. We were busy
talking and I kept no lookout. I'll pay him the cost of the boat,
Captain Wetherly. So forget it, won't you. If you'll send ashore for a
hack I can lug Captain Bruce up to a hotel right away."
"No hurry, is there? Let him rest," said Captain Jim. "Dan here will sit
up with him if you want to turn in. Of course you know Dan Frazier,
your boy's chum."
Mr. Pringle glanced up at the doorway and looked even more
downcast and sullen at recognizing Dan. He nodded at the
interested lad and returned:
"So many of us sort of crowd this state-room. I'll look after Captain
Bruce by myself if you don't mind clearing out, Captain Wetherly."
The dazed captain of the Kenilworth showed signs of trying to break
into the conversation and managed to sputter excitedly:
"I get ten thousand dollars for this night's job."
At this, Jerry Pringle fairly begged the kind-hearted skipper of the
Resolute to withdraw, and although the night was cool for
September, the rescued wrecking master wiped the perspiration from
his face with a wet shirt sleeve. Captain Wetherly gazed down at the
man in the bunk for a moment, nodded gravely, and tiptoed on deck
with a parting remark:
"Ten thousand dollars is a lot of money to pay for a splintered skiff,
Pringle."
"Captain Bruce is ravin' crazy," grumbled Jerry Pringle as he shut the
state-room door.
"Go fetch a hack, Dan," ordered Captain Jim, "and help Pringle lug
him ashore. I tried to be decent to them, but my patience is frazzled.
I don't want 'em aboard any longer than I can help."
"But what are they doing together in Pensacola harbor?" asked Dan.
"There's something mighty queer about it all."
"Keep your guesses to yourself, and don't think too hard about it, or
you may go off your noddle like the Britisher in yonder," said captain
Jim as he went forward toward his own room. Dan wandered far and
wide ashore before he found a cruising hack and was able to return
to the wharf. Going aboard, he delayed to coil and stow a heaving
line which tripped him as he passed along the lower deck. From a
near-by window came the voice of Captain Bruce of the Kenilworth
in low-spoken query, evidently addressed to his companion,
Jeremiah Pringle:
"Did I say anything silly? I was a bit muddled, I know. I didn't bring
you into it, did I? There was nothing said about the Kenilworth's next
voyage, was there?"
"You said a heap sight too much," was the reply in a rumbling
undertone. "That Jim Wetherly is pretty keen when it comes to
putting two and two together. But he has a kind of mushy streak of
sentiment in him and he won't believe anything bad of a man till the
evidence is strong enough to hang him. It's been an unlucky night's
work, and it's time we were out of here."
Dan knocked on the door and, without even a "thank you," Jerry
Pringle brushed him out of the way and half-dragged, half-carried
Captain Bruce toward the gang-plank. The master of the Kenilworth
bade him halt, however, and, grasping Dan by the hand, told him in
a deep and pleasant voice:
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